AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.00 Decreased By ▼ -0.53 (-0.41%)
BOP 6.76 Increased By ▲ 0.08 (1.2%)
CNERGY 4.50 Decreased By ▼ -0.13 (-2.81%)
DCL 8.70 Decreased By ▼ -0.24 (-2.68%)
DFML 41.00 Decreased By ▼ -0.69 (-1.66%)
DGKC 81.30 Decreased By ▼ -2.47 (-2.95%)
FCCL 32.68 Decreased By ▼ -0.09 (-0.27%)
FFBL 74.25 Decreased By ▼ -1.22 (-1.62%)
FFL 11.75 Increased By ▲ 0.28 (2.44%)
HUBC 110.03 Decreased By ▼ -0.52 (-0.47%)
HUMNL 13.80 Decreased By ▼ -0.76 (-5.22%)
KEL 5.29 Decreased By ▼ -0.10 (-1.86%)
KOSM 7.63 Decreased By ▼ -0.77 (-9.17%)
MLCF 38.35 Decreased By ▼ -1.44 (-3.62%)
NBP 63.70 Increased By ▲ 3.41 (5.66%)
OGDC 194.88 Decreased By ▼ -4.78 (-2.39%)
PAEL 25.75 Decreased By ▼ -0.90 (-3.38%)
PIBTL 7.37 Decreased By ▼ -0.29 (-3.79%)
PPL 155.74 Decreased By ▼ -2.18 (-1.38%)
PRL 25.70 Decreased By ▼ -1.03 (-3.85%)
PTC 17.56 Decreased By ▼ -0.90 (-4.88%)
SEARL 78.71 Decreased By ▼ -3.73 (-4.52%)
TELE 7.88 Decreased By ▼ -0.43 (-5.17%)
TOMCL 33.61 Decreased By ▼ -0.90 (-2.61%)
TPLP 8.41 Decreased By ▼ -0.65 (-7.17%)
TREET 16.26 Decreased By ▼ -1.21 (-6.93%)
TRG 58.60 Decreased By ▼ -2.72 (-4.44%)
UNITY 27.51 Increased By ▲ 0.08 (0.29%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,450 Increased By 43.4 (0.42%)
BR30 31,209 Decreased By -504.2 (-1.59%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

KARACHI: Pakistan's newly appointed finance minister said on Monday that the country's currency will strengthen to under 200 rupees to the US dollar.

The rupee is currently at around 227 to the US dollar.

"The rupee's real value is below 200 (to $1), and, God willing, it will come below 200 (rupees)," Minister Ishaq Dar said in an interview with local television channel Geo News.

He added that the rupee would be strengthened through government "policies".

Dar’s comment comes as the Pakistani rupee reported a seventh consecutive gain against the US dollar on Monday, closing over 0.5% higher in the inter-bank market.

Seventh straight gain: Pakistan's rupee up over 0.5% against US dollar

As per the State Bank of Pakistan (SBP), the rupee closed at 227.29 after appreciating Rs1.16 or 0.51%. In the last seven trading sessions, the rupee has cumulatively appreciated Rs12.41 or 5.45%.

During the previous week, the rupee gained nearly 5%, appreciating across all five sessions against the US dollar as the return of Ishaq Dar at the helm of Pakistan’s economic affairs gave impetus to bullish sentiment in the money market.

Analysts said the return of Dar, widely seen as an advocate of a strong rupee, and measures taken by the SBP also reduced speculation activity, evident by the hefty gains posted by the local currency in the open market.

Comments

Comments are closed.

Iqbal Hussain Oct 03, 2022 10:06pm
I think in current circumstances it is not possible. The rupee may appreciate but up to certain level and after that point, again the speculator will play with it. So it is imperative for the current finance ministry to first take steps against all those speculators who are playing with the value of the rupee. Then they will be able to stabilize the rupee.
thumb_up Recommended (0)
Pakistani1 Oct 03, 2022 11:21pm
Its time to describe how Dar will bring rupee to 200 and how he will satisfy the Pakistan International bond holders who are actively selling and reducing the price of the bond.
thumb_up Recommended (0)